Humanity has ushered itself into a world driven by technology and disruptive innovation. Today, AI, the internet of things, 3D printing, blockchain, quantum computing, and even floating farms have all left the realms of science fiction and are fully mainstream.
Now, disruptive innovation never fails to generate a storm in any industry it enters. And even though disruption birthed lots of successful businesses, it didn’t hesitate to swallow them up when they failed to keep pace with the speed of technology. Remember Blockbuster and Kodak?
We understand that for some businesses, the idea of innovation can be very threatening. But if your business must survive, it mustn’t just adapt and explore technological innovation but also trigger disruption in its industry.
To do that efficiently, you need to know…
What is Disruption?
Joseph Bower and Clayton Christensen brought the word disruption into existence. They used it to describe a process where a new company produces a better and cheaper product that quickly rises in its industry until it eventually surpasses the major companies and establishes itself as the authority in that industry.
Powerful companies like Google, Uber, and Netflix are standing today because they leveraged disruptive innovation, while companies like Yahoo, Polaroid, Hummer, Toshiba, and Xerox became victims because of their negligence.
With that said, let's get started on the ideas you need to create a revolutionary company.
Search for Industries Ready for Disruption
“We developed the world’s first consumer digital camera, but we could not get approval to launch or sell it because of fear of the effects on the film market.” – Don Strickland, former Vice-President of Kodak.
Like taxes, change and disruption are constant and inevitable. A lot of times, entrepreneurs fail to realize that self-disruption isn’t the same as self-destruction.
So, rather than being afraid of innovation, develop a progressive system that’ll help you spot potential opportunities for innovation and take advantage of them.
Give special attention to businesses and industries that appear resistant to disruption because it’d be a lot easier to introduce change there.
Remember, the easiest way to disrupt your industry would be to study what works in other innovative industries and replicate them in your traditional sector. This strategy was what helped Uber transform its taxi services.
The next step you should take is to develop a strong disruptive strategy, and you can do that by:
● Providing a low-cost alternative to an expensive product or service
● Creating a product that provides added value
● Transforming a regular service into a digital one
Pay Attention to Competitors but Follow your Customers
Keep your competition close but keep your customers closer. Pay attention to your competitors because every formidable competitor is looking for better ways to improve their products. Your brand stands to gain a lot from carefully observing their creative moves.
But, while you're watching your competitors, don't forget to monitor and also follow the path your audience is taking because it’s often a great indicator of the industry's future trajectory.
Studying how customers react to products in an industry you want to disrupt would give you a clear indication of the market’s future direction. This way, you can provide services that’d suit the interests of your audience.
While studying customer behavior, also keep an eye out for:
- Customers who use a product reluctantly because they are enthusiastic about trying other alternative products that satisfy their needs
- Customers that are willing to spend a fraction of the price on your competitor's product
- Customers who cannot use your competitor's products because they don’t have the skill or couldn’t afford it
Don't only concentrate on relevant products right now; also think about products that’ll be useful to customers in the future; this will help your brand get the first movers advantage.
When Amazon initially entered the market, the value—or disruption—it brought permanently changed the industry so much that Sears, a once-dominant brand, couldn't keep up and stagnated.
Get a Disruptive Brand Name
With the right tools, every industry can be disrupted. And just the same way Apple disrupted its traditional industry with an innovative brand name, you too can shake up your industry with a unique and exciting brand name.
Understand that getting a unique name is critical to your disruptive process; ordinary bland names will weaken your brand’s ability to stand out and drive customers away from your company.
Before Apple, tech companies had a very rigid naming system. But Apple completely transformed the industry, choosing a name that was intriguing to their audience. Ever since then, other hi-tech companies like Uber, Airbnb, Beyond Meat, and Ryanair have embraced the same principles to their advantage.
So, even if your brand offers an earth-shattering product that would wow customers and its industry, make sure it’s supported with an intriguing brand name that’ll easily stick to the hearts of your audience. And the quickest way to get a powerful and disruptive brand name for your business is to use a reliable business name generator.
Watch the Market
Every brand must adapt to its market with immense speed; otherwise, it’ll lose touch with customers. A prominent example is Hostess. The company failed to watch the trends and adjust its brand to the “healthier snack craze.” This negligence led to its bankruptcy in 2012.